Publication at Faculty of Mathematics and Physics, Faculty of Social Sciences, Centre for Economic Research and Graduate Education |
2009
Abstract
We replicate three tasks for which Gneezy, List and Wu (Q. J.
Econ. 121(4):1283?1309, 2006) document the so-called uncertainty effect: People value a binary lottery over non-monetary outcomes less than other people value the lottery?s worse outcome. While the authors implement verbal lottery descriptions, we use a physical lottery format and also provide subjects with complete information about the goods they are to value.